Tips for Affording Law School

Law school should be your gateway to opportunity, not a financial burden. It may be the first time you will pay your own tuition and living expenses. You will have new responsibilities, yet probably won't have a large income. While there are a number of ways to pay for law school, you will want to do it in the most economical way possible. Here are a few tips to lowering the cost of education and post-graduation debt.

Cut expenses
Start trimming expenses and reducing debt now. Create a budget and stick to it. If rent and food bills are a concern, don't add to them with expensive cable packages and too many dinners out. Rent DVDs. Cook for yourself. Get an economy cell phone plan. One tall Starbucks coffee per weekday will cost you $910 per year.

Use your Knowledge to earn extra cash
Try tutoring. Your expertise in your chosen field, even with just your undergraduate degree, could be used to tutor high school and college students. Since tutoring doesn't take up too much time, it won't overtax you or detract from your own studies.

Research Grants and Scholarships
Will your chosen school give you a fellowship, grant or scholarship? Can you become a research assistant? These are forms of aid that don't have to be repaid, and an assistant's pay, while not high, is usually good enough to pay some of your living expenses for the year. Check free scholarship searches for additional assistance.

Employer Benefits
If you or a member of your family works at a company that reimburses employees for education expenses, you may be eligible. Check with the company's Human Resources Department.

Pay with a Monthly Payment Plan
Instead of making lump-sum payments to the school, monthly payment plans allow you to make smaller payments each month. Since they're not loans, there's no interest, and no debt to repay after graduation.

Educational Loans
If you need help paying for law school, you may choose to borrow an education loan. Federal loans generally carry a lower interest rate than private loans and currently offer a fixed interest rate, so it is wise to look at them first. Options include:

Federal Stafford Loans
Stafford Loans – This is often your first law school financing option. Designed for students needing assistance financing education costs, a subsidized or unsubsidized Federal Stafford Loan can help you pay for law school.

The Federal PLUS Student Loan for Graduate and Professional Students (Graduate PLUS)
Graduate PLUS – This loan is designed for students who need additional financing to pay for law school beyond a Federal Stafford Loan. The Federal Grad PLUS Loan allows you to borrow up to the full cost of attendance, minus other financial aid received.

Private Loans
Many private lenders offer student loans. The interest rates and fees charged are generally higher than those for federal loans and are determined by the credit-worthiness of the borrower.

If you have any questions regarding financial aid, please feeel free to call Quinnipiac Law's Office of Financial Aid at 203-582-3405